Kina Petroleum drills Raintree-1 well at 220 metres depth

Kina Petroleum Limited is pleased to provide an update on progress of the Raintree-1 exploration well in PPL 337.

At 8.00 a.m. on 8 May 2015 the well was at 220 metres depth.

During the week, preparations were made for deeper hole operations with de-gassing and blow-out prevention equipment fitted and tested. With that complete, the well is now drilling ahead in a 9 1/2' openhole to the next casing point at 640m.

During the week a delegation of local government representatives, visited the well site to see the progress of this first of two strategic wells for northern PNG.

Raintree-1 is operated by Heritage Oil Limited under a farmout agreement between Heritage and KPL, whereby Heritage will carry KPL through the drilling and, if appropriate, testing of the Raintree-1 and Kwila-1 wells. KPL will retain a 30% participating interest in the Licence upon completion of drilling, and in the event of a discovery will benefit from a carry through a seismic program to appraise the field or fields.

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